The Short Answer
FCEL is doubtful under the current filing-backed screen. The clean-energy activity is generally permissible, but liquidity, receivables-plus-cash and interest-income ratios fail the examined methods.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-30; calculated 2026-07-13.
134.18 / 1,003.38
373.167 / 1,003.38
424.504 / 1,003.38
2.5 / 35.589
- Financial
- Fails
- Overall
- Fails
Debt/assets is 13.37% and passes, but liquidity/assets is 37.19%, receivables plus cash/assets is 42.31% and interest income/revenue is 7.02%; the latter three exceed FTSE limits.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 37.19% and receivables plus cash/assets is 42.31%, above the examined MSCI limits; debt/assets is below its limit.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 37.19%, above the examined Malaysia SAC limit; debt/assets is below its limit.
- Financial
- Not calculated
- Overall
- Fails
No licensed historical market-cap series is stored; the asset-based financial screens fail.
Business-activity disclosure
FuelCell Energy develops and operates stationary fuel-cell power systems, hydrogen production and carbon-capture technology. Clean-energy infrastructure is generally permissible, while project-finance instruments and customer use remain qualitative context.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator, so no percentage is invented.
Purification
The filing discloses $2.5 million of interest income; ZakatInvest does not prescribe a fixed scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from FuelCell Energy's April 30, 2026 Form 10-Q.
- Cash excludes restricted cash; receivables combine accounts receivable and unbilled receivables.
- Total debt and finance obligations are $134.180 million; quarterly revenue was $35.589 million and interest income was $2.5 million.
- FuelCell Energy develops stationary fuel-cell power, hydrogen and carbon-capture systems; the filing does not provide a universal prohibited-revenue numerator.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
Business activity
FuelCell Energy designs, manufactures, operates and services stationary fuel-cell plants, hydrogen systems and carbon-capture technology. That clean-energy activity is generally permissible; project finance, preferred instruments and downstream customer use are separate qualitative considerations.
What the filing changes
The April 30, 2026 filing reports $373.2 million of unrestricted cash against $1,003.4 million of assets, with cash and liquidity instruments at 37.19% of assets. Disclosed interest income was $2.5 million on $35.6 million of quarterly revenue, or 7.02%.
Bottom line
FCEL remains doubtful. Recheck the next filing and apply the methodology used by your preferred Sharia adviser.